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Russo Law Group wants to do our part to offer resources, guidance, and help to those who need it. Below are some of our weekly activities you can participate in. Daily Check-in with Vincent Please join Vincent every day at 10 a.m. EST on Facebook, Instagram, and LinkedIn for my quick “Daily Check-in with Vincent.”… Read More »
Posts Categorized: Estate Planning
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Featured Post:
COVID-19 Facebook Live Events Hosted by Vincent J. Russo
Essential COVID-19 FACEBOOK LIVE Event Hosted by Vincent J. Russo In Case You Missed It: COVID-19: How Can the Paycheck Protection Program (PPP) Help Me? Vincent hosted a Facebook Live Event on Wednesday, April 8th to answer any questions you may have as COVID-19 continues to affect our lives and the lives of our… Read More »
Featured Post:
COVID-19 Facebook Live Events Hosted by Vincent J. Russo
Essential COVID-19 FACEBOOK LIVE Event Hosted by Vincent J. Russo COVID-19: What You Need to Know and Do to Protect Your Family Vincent hosted a Facebook Live Event on Tuesday, March 31st to answer any questions you may have as COVID-19 continues to affect our lives and the lives of our loved ones. During… Read More »
Featured Post:
Essential COVID-19 Facebook Live Event Hosted by Vincent J. Russo
As the managing partner of Russo Law Group, I am writing to you today because we take the health and well-being of the people who make up our beloved Long Island community very personally. We are saddened and concerned by what is currently happening within our community due to the Coronavirus (COVID-19), and we want… Read More »
Featured Post:
How Does the SECURE Act Impact RMDs?
The “Setting Every Community Up for Retirement Enhancement Act” (the SECURE Act) is part of the spending bill legislation passed by Congress, which is now awaiting the President’s signature, effective January 1, 2020. The SECURE Act significantly changes the Required Minimum Distribution (“RMD”) requirements for inherited retirement accounts by delaying the required beginning age…. Read More »
Featured Post:
The Trump Policy Analysis Group (TPAG) – Focusing on Older Americans and those with Special Needs
The Trump Policy Analysis Group (TPAG) [1] has convened to consider probable changes in law that will affect older Americans and those with special needs. Initial TPAG focus is on entitlements, public benefits, tax, special needs planning, and veterans’ benefits. We used a three-fold analysis: stated policy (declared Trump policies and those of the Republican Congressional… Read More »
The 5 Must-Have Estate Plan Documents
A critical component to all estate plans is that an individual needs five must-have estate plan documents. The 5 must-have estate planning legal documents consist of: Durable Power of Attorney Health Care Proxy Living Will (Health Care Declaration) Authorization for Release of Protected Medical Information (HIPAA) Last Will and Testament/Living Trust It is important that… Read More »
The Impact of Divorce on Estate Planning
What is the impact of divorce on estate planning? New York has a “revocation on death” statute (New York Estates Powers & Trusts Law §5-1.4 ) which states that except as provided by the express terms of a governing instrument, (for example, a Last Will and Testament, Trust, Durable Power of Attorney, Health Care Proxy,… Read More »
Surviving the SECURE Act – Roth IRA Conversions
The concept of converting a traditional IRA to a Roth IRA has been around for a while. However, thanks to the SECURE Act, it may be a more beneficial retirement and tax planning strategy. The way the conversion typically works is you roll over assets from a traditional IRA into a Roth. The withdrawal of… Read More »
Surviving the SECURE Act – Charitable Remainder Trusts
A Charitable Remainder Trust (CRT) is an irrevocable trust that allows a person to donate money to a charity while generating an income for either the donor or other beneficiaries with the remainder of the donated assets going to a charity or charities upon the death of the beneficiary(ies) or end of a stated term…. Read More »
October 19-25 is National Estate Planning Awareness Week
Since this is National Estate Planning Awareness Week, there is no better time, than to share with you, why having your Estate Plan in place is critical. Estate planning is important because it allows you to implement a plan to take control of your affairs and protect your assets now and in the future. For… Read More »
Surviving the SECURE Act – Start planning for inherited IRAs
If you inherit a traditional IRA after the enactment of the SECURE Act, or expect to inherit an IRA in the future, you should consider having a plan in place for withdrawals to avoid a big tax bill. Tax Liability Since you have 10 years for the inherited IRA to grow tax-deferred, you may want… Read More »
Surviving the SECURE Act – Beneficiary designations
Prior to the SECURE Act, it was always important to ensure that a qualifying beneficiary designation was made to IRAs and other qualified retirement accounts. This could be an individual or a trust with the appropriate provisions that would allow the qualified retirement account to extend the tax-deferred benefits of the retirement account (commonly referred… Read More »
Surviving the SECURE Act – Review your estate plan
The SECURE Act has received much buzz since it was signed into law on December 20, 2019, as it will likely impact the retirement and estate planning strategies of many Americans. The far-reaching law includes significant provisions aimed at increasing access to tax-advantaged accounts (e.g. IRAs, 401(k), 403(b), etc.) and preventing older Americans from outliving… Read More »
NYS Medicaid Home Care Program Effective October 1, 2020
In Case You Missed It: COVID-19: How to Access Medicaid Home Care Hosted by Vincent J. Russo We at the Russo Law Group are very concerned about the impending changes to the NYS Medicaid Home Care Program Effective October 1, 2020. You still have time to transfer your assets (such as your residence) into a Medicaid… Read More »
Q & A with Vincent J. Russo On Hilary’s New York Lifestyle Blog
Vincent J. Russo joined Hilary Topper to address common questions from her community on her New York Lifestyle Bog. Vincent addressed topics such as; What documents should you have in place if you have an elderly parent?, What is the difference between Medicaid and Medicare?, and What is the difference between Assisted Living and Indepentd… Read More »
How Do I Protect My House from the Nursing Home?
Yesterday I spoke to Jill, whose mom and dad have been talking to their friends. They have mentioned to Jill that they are getting nervous that they need to do some Estate Planning. They know that many of their friends have established a “trust”, but do they really need to do that since all they… Read More »
Should Couples Combine Assets Once They Get Married?
An article published by NerdWallet on January 14, 2020, entitled “Does Marriage Have to Mean Merging Money?” by Alice Holbrook discussed the pros and cons of couples merging their finances or combining their assets after they get married. I strongly believe that couples should discuss their financial situations before they walk down the aisle. The… Read More »
How Do I Leave Assets to My Children in a Protective Way?
Very often I hear from parents that they worked really hard for their assets and they would like to leave those assets to their children. Unfortunately, they tend to believe that the best way to transfer those assets to children is through their Last Will and Testament. Last Will and Testament A Last Will and… Read More »
Five Reasons to Avoid an Online Will
Oftentimes people are drawn to the ease of creating an online Will versus seeking the guidance of a qualified elder law attorney. But, before you go online, consider these five reasons why online Wills aren’t your best option. Proper Execution Wills are formal documents and the execution of a Will is a serious and formal… Read More »
Why Is Funding Your Trust So Important?
Funding your Trust is critical to having a successful outcome to your estate plan. Goals of a Trust When an individual implements their estate plan, they usually have one or more goals they are looking to accomplish. For example, a common goal for establishing a Revocable Trust is to avoiding probate. This can be for… Read More »
Avoiding Probate
Frank L. Buquicchio
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Opens a new windowEstate Planning Won't Kill You
Selecting an Attorney
Kim N. Christian
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Vincent J. Russo
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